Oil declines as shipping companies return to Red Sea

27/12/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices closed lower today, Dec. 27, as shipping companies returned to navigation through the Red Sea, despite geopolitical tensions in the Middle East.

 

Brent crude futures for March delivery (the most active contract) fell by 1.6%, or $1.31, to $79.54 per barrel, after recording $79.30.

 

WTI crude for February delivery fell by 1.95%, or $1.46, to $74.11 per barrel, after touching $73.92.

 

Danish shipping company Maersk and French firm CMA CGM resumed transit through the Red Sea after deploying a multinational force in the region.

 

The American Petroleum Institute oil inventory report is expected to be released later today, and the Energy Information Administration data is scheduled for Dec. 28, with expectations that crude inventories will fall by 2.6 million barrels last week.

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